As reported by Greg Roumeliotis, Simon Meads and Stephen Aldred of Reuters, private equity firms, facing shrinking asset values and tough financing conditions, are trimming staff in mature markets, but are also looking to hire in growth areas so that they deliver the returns investors seek.

Shrinking fund sizes, crisis in the euro zone and hopes for emerging markets growth are all redrawing the global private equity map, determining the locations and sectors in which buyout firms hire and fire staff.

The industry boomed last decade as investor appetite created ever larger pools of capital, allowing firms to expand and cast their nets further and wider for deals. But in the financial turmoil, many buyout groups are now retrenching.

“This is still an active jobs market, the industry is focusing on niche businesses and smaller transactions and looking for senior advisors to succeed where the deals are,” said Todd Monti, who manages the global private equity and venture capital practice of headhunting firm Heidrick & Struggles.